Boliden reports stable development of mineral resources and mineral reserves

The results of the 2013 calculations of Boliden’s mineral resources and mineral
reserves* show increases in the mineral reserves at Garpenberg and in the
Boliden Area, and increased mineral resources at Tara and the Laver and
Rockliden deposits.
“We have seen a generally healthy trend in mineral resources and reserves,
although it comes with lower grades at Garpenberg. All of the mining areas, with
the exception of Tara, now have mineral reserves that correspond to 10 years’
mining operations or more. At Tara, we have extended the mine’s planned useful
life to 2019,” says Jan Moström, SVP Boliden Mines.

Boliden’s investments in exploration during the last 10 years have, together
with the anticipated price trend for metals, resulted in large increases in
mineral resources and mineral reserves. This has, in turn, enabled the massive
investments in Aitik and Garpenberg and the opening of the Kankberg gold mine.
It has also helped extend production plans in the Group’s other mining areas.

The primary focus of Boliden’s exploration work is on zinc-, copper-, and
precious metal-bearing ores. Boliden has approximately 50 active exploration
projects and invested a total of SEK 300 million (SEK 350 m) in exploration work
in 2013. Field exploration work was conducted in the Skellefte field,
Bergslagen, Norrbotten, Västernorrland and along the Caledonian front, over and
above the mine-site exploration carried out in all mining areas. Field
exploration work in Ireland is mainly being carried out in Limerick and
Tullamore.

Results, 2013

Aitik
37 million tonnes of ore were mined during the year at Aitik. The mineral
reserves and mineral resources there decreased to 633 million tonnes (702
Mtonnes) and 2,400 million tonnes (2,760 Mtonnes), respectively. The decrease is
mainly an effect of new drill hole information.

Garpenberg
1.5 million tonnes of ore were mined at Garpenberg during the year. The mineral
reserves increased to 36.3 million tonnes (25.6 Mtonnes), while mineral
resources fell to 36.3 million tonnes (44.5 Mtonnes). Drilling and updating has
reduced the average grades of both the reserves and the resources.

The Boliden Area
1.5 million tonnes of ore were mined in the Boliden Area during the year. The
mineral reserves increased to 16.0 million tonnes (12.7 Mtonnes), while mineral
resources fell to 18.8 million tonnes (23.5 Mtonnes). Several locations in both
Renström and Kristineberg have been successfully upgraded to mineral reserves,
and there has been a substantial increase of mineral resources at Kankberg.

Tara
2.5 million tonnes of ore were mined at Tara during the year, but mineral
reserves there fell by only 0.9 million tonnes (from 14.0 Mtonnes to 13.1
Mtonnes). This has enabled an extension of the mine’s production plan to 2019.
Mineral resources increased to 13.3 million tonnes (11.4 Mtonnes).

For further information, please contact:
Marcela Sylvander, Director Group Communications, + 46 (0)733 244 551
Sophie Arnius, Director Investor Relations, + 46 (0)8 610 1523

*Mineral resource and mineral reserve calculations, 2013

Mining companies are required to carry out a calculation of their mineral
resources and mineral reserves every year. Boliden’s calculations and
compilations are conducted in accordance with the recommendations issued by the
Swedish industry association, SveMin. These recommendations have been drafted in
accordance with international regulations. Some of these regulations have been
amended, effective as of 2012, and the term, ore reserve, has been replaced by a
new term, mineral reserve.

Boliden reports mineral reserves and mineral resources separately, which means
that reported mineral reserves are not included in the mineral resources:

A mineral resource is a concentration of minerals in the bedrock that may become
commercially extractable.

Mineral reserves are those parts of a mineral resource that can be mined and
processed in accordance with the company’s profitability requirements. Factors
such as waste rock dilution, pillar offset and process yields, etc., are taken
into account in these calculations.

Boliden’s mineral resources and mineral reserves have been compiled under the
supervision of Gunnar Agmalm, who is registered as a “Qualified Person” by
SveMin. Gunnar Agmalm, Mineral Reserves and Project Evaluation Manager, is a
member of Ausimm and has over 20 years’ experience in the mining and minerals
industry. The calculations for Tara have been carried out under the supervision
of John Ashton, Chief Mine Geologist, Tara Mines Ltd. John Ashton is a
“Qualified Person” and a member of the Institute of Materials, Minerals and
Mining and of the Institute of Geologists of Ireland, and has more than 25
years’ experience in the mining and minerals industry.

The prices employed when calculating mineral reserves are, in the main, planning
prices, which are an anticipated average price for metals or exchange rate for
currencies over the coming business cycle. Boliden currently employs the
following planning prices:

Copper      USD 6,600/tonne
Zinc        USD 2,300/tonne
Lead        USD 2,300/tonne
Gold        USD 1,200/troy oz.
Silver      USD 20/troy oz.
Molybdenum  USD 15/lb.
Tellurium   USD 150/kg
USD/SEK     6.70
EUR/SEK     8.51

For a complete table of Boliden’s mineral reserves and mineral resources 2012,
see enclosed pdf.

Boliden is a metals company with a commitment to sustainable development. Our
roots are Nordic, but our business is global. The company’s core competence is
within the fields of exploration, mining, smelting and metals recycling. Boliden
has a total of approximately 4,800 employees and an annual turnover of
approximately SEK 34 billion. Its shares are listed on NASDAQ OMX Stockholm,
segment Large Cap.

www.boliden.com